Air Lease Corporation announced the closing of a 4 year unsecured revolving bank credit facility for $1.7 billion priced at LIBOR +1.45%, with no LIBOR floor.

This new facility amends and updates the existing bank facility, by increasing the size from $1.1 billion to $1.7 billion, extending the availability period from 3 years to 4 years to May, 2017.

This revolving credit line was arranged by 8 joint bookrunners: J.P. Morgan Securities, BMO Capital Markets, Citigroup Global Markets, Credit Suisse Securities (USA), Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, RBS Securities, and Wells Fargo Securities. The number of participating banks increased from 19 to 26 in the facility.

“ALC is pleased to announce the closing of our amended syndicated unsecured revolving credit facility. We are grateful for the continuing support from our banking group as we continue expanding our global business,” said Gregory B. Willis, Senior Vice President and Chief Financial Officer of Air Lease Corporation. “This credit facility further strengthens our balance sheet and increases our access to attractively priced capital.”

ALC is an aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline partners worldwide through customized aircraft leasing and financing solutions.